RPR Agent Case Study

by Mike Audet on May 9, 2012

WAV Group provides consulting services to MLSs and Associations to develop strategies and plans for business success. In working with MLSs and Associations we have learned how difficult it is to help agents and brokers understand the value of new technologies in their daily business. Today, WAV Group is introducing the second in a series of Case Studies developed for NAR’s REALTOR® Property Resource or RPR®. These Case Studies are designed to help REALTORS® understand the unique benefits of using RPR in their daily business to help position them as THE local expert. WAV Group developed these best practices by evaluating RPR “power users” and “power promoters” of the software. Download the Agent Case Study here.

WAV Group has followed the introduction and rollout of REALTOR® Property Resource (RPR) closely since it was officially introduced and then launched in September 2010. In previous papers, WAV Group outlined the factors needed to make an informed decision about whether RPR and other data-related products were appropriate for individual MLSs and Associations. These case studies are NOT intended to help an organization make a decision about participation in RPR. Those decisions are best left to individual MLSs, Associations and Brokerages. The purpose of this case study is to help agents who are have access to RPR understand how they can the tool effectively in their daily business for reviewing COMPS, building CMA’s and providing invaluable market level data and information to their clients and potential new clients. The case study also clearly articulates how RPR is incremental to the tools available in MLS systems.

WAV Group has watched with interest as more and more MLSs and Associations have signed up for this service. From its early beginnings, the product has continued to evolve with more and more tools for REALTOR® members. As of May 6, 2012, 384 MLSs and Associations have signed agreements with RPR, representing 618,914 REALTORS®. 244 have RPR installed and operational for their 503,444 members with more in the review process.

While these numbers are impressive, REALTOR® usage and adoption of these products is the ultimate goal. The purpose of this case study is to help agents understand just how easy it is to get up and running with RPR quickly. It’s also intended to help agents understand how the reports and CMA’s in RPR can be used to project a professional image and provide more in-depth information that non-REALTORS® can.

RPR asked WAV Group to interview some of the early adopters of RPR to build case studies to help the industry understand the key benefits and value of RPR for agents, brokers, and MLSs. These case studies examine “best practices” for building awareness and adoption. Building each of the three studies involved gathering perspectives from “power users” to help identify “best practices” of REALTORS® using these tools on a day-to-day basis.

Yesterday we published a study to help MLSs learn about effective ways to gain adoption for RPR. Today’s case study helps agents understand how RPR can help them project a professional image and provide more in-depth market information than non-REALTORS® can. Today’s paper is intended to encourage agents to give RPR a try because there are so many compelling ways to use it in your daily business as a buyer’s agent and listing agent.

WAV Group is publishing one case study daily and then, rolling them up together in a white paper that will be released after the NAR Mid Year Legislative Meetings in Washington DC. We hope these user insights derived from the perspective of the MLS, the Agent, and the Broker prove helpful for those interested in gaining more value from RPR their businesses.

Jeff Young, Senior Vice-President of Operations for RPR, explained why they thought the Case Study idea was a good thing to move forward with at this time:

“RPR’s mission is to reinforce and support the core competence of NAR’s 1 million+ REALTORS®, through high value search, data and reporting features for agents to deliver to consumers. At its foundation, RPR is an agent resource to help them to save time, money and be more efficient with their clients and customers. The WAV Group Agent Case Study for RPR reflects the implementation of RPR resource by agents to the benefit of their consumer.”

I am an appraiser and a member of our local mls association in the Memphis, TN market area, I have recently found out about the RPR at a class last week. I have tested the system on several properties that I am currently appraising. The RPR analysis has left out several closed compared sales for each property that I would have considered to be relative to the value estimate. With the those sales being left out, the “estimate” is eother very low or very high. I beleive more work needs to be done to the system to make sure that all “comps” are being utilized in the estimate analysis. The RPR appears to be a fairly solid tool in the agents arsenal.

Great information Brian. Have you contacted RPR about this issue. This type of feedback is really important and they will want to hear how they can make the service better. RPR gets data from a tax vendor. So missing data needs to be fixed, and they can take their vendor to task on that. As for the estimate, have you tried to refine the estimate?

Victor brings up a good point here. It is also possible to add comps to the system manually if you believe they are more relevant than the one the system chose automatically. Like any valuation tool RPR still requires the knowledge and expertise of a local professional to make the reports meaningful.

Hi Brian, Thank you very much for taking the time to share your thoughts. Your timing couldn’t be better, as we’re embarking on a new sprint focused on how comps are handled in the RPR application. In our upcoming 1.15 release, we will be implementing new functionality that will allow users to search, adjust, manage, and present valuation approaches which are purely driven by the comparables they select, in an entirely new user experience. I believe these enhancements will do exactly what you’re looking for. I’ll keep your name and email close, when we are coming out of QA, just prior to the release I’ll shoot you a complete email with the changes. I would love to get your feedback.